Cuervo Files For IPO On Mexican Stock ExchangeSeptember 27, 2016
In a long-awaited move, Casa Cuervo, owned by the Beckmann family, has filed a prospectus for an initial public offering on the Mexican stock exchange, according to published reports. The company didn’t disclose any projections for the offering, but Bloomberg reported earlier this year that it could reach the $1 billion range, citing people familiar with the matter.
Marketed by Proximo Spirits, Cuervo’s namesake Tequila brand has returned to growth in the U.S. lately after years of decline, rising 3% to 3.5 million cases last year, according to Impact Databank. With that performance, Cuervo remains roughly 65% larger than its two closest competitors in the U.S. Tequila market, Sauza and Patrón, both of which are at about 2.1 million cases. —Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.